Asians have a long tradition of entrepreneurship in the United States. Asian-American-owned businesses have been the driving economic force in local communities and beyond. Today, over 50 percent of all U.S. minority-owned businesses with sales exceeding $1 million are owned by Asian-Americans. If you want to join their ranks, you can get a head start taking advantage of the many resources that are designed to help minority-owned companies compete in the marketplace.
1. Get the capital you need to take your company to the next level by applying for funds that have been earmarked for minority-owned businesses.
2. Expand your customer base by doing business with companies and government agencies that are looking for qualified minority suppliers.
3. Meet other Asian-American entrepreneurs and get involved in volunteer and fundraising activities to aid Asian-American communities.
The best contacts and resources to help you get it done
Look into financial assistance
Many minority-owned businesses have access to funding from the Federal and state governments as well as Fortune 500 companies.
I recommend: Grants.gov gives you the scoop on
Federal government grants, while the Minority Business Development Agency provides links to information on
state government grants.
National Minority Business Council offers short-term loans for working capital. You can also talk to banks about special programs, such as
Bank of America's Minority and Women Prequalification Program.
Land those contracts
Your company can qualify for lucrative contracts with government agencies and private companies.
I recommend: Meet these prospective customers in person at one of the regional procurement events sponsored by
The US Pan Asian American Chamber of Commerce (USPAACC). The organization will also give you a hand with the process of responding to a request for proposal (RFP). The
U.S. Department of Commerce’s Minority Business Development Agency provides access to a
contract database and referral system. Also, look into contracts that are offered through the
Small Business Administration's (SBA) 8(a) Business Development Program. The National Minority Supplier Development Council’s
regional resource centers can help you identify companies that are looking for minority-owned suppliers.
Get certified
Before government agencies and other organizations will consider you for a minority-business loan or a contract, you need to be certified as a minority-owned business. The process includes proving that your business is owned and operated by U.S. citizens who are members of an ethnic group that is recognized by the certifying organization as a minority.
I recommend: You can get certified through Federal agencies such as the
SBA and groups such as
USPAACC and
National Minority Business Council. Some organizations will help you with the paperwork. The certification procedure can be lengthy and complex. You can also get assistance from consulting firms such as
Sarah Lyu Consulting.
Network with business-minded professionals
Meet new business contacts and swap business war stories with other Asian-American entrepreneurs.
I recommend: The National Association of Asian-American Professionals includes not just business owners, but Asian-Americans from various professions. The organization sponsors professional development events and charity drives throughout the country. If you are a woman-business owner, consider joining
Asian Women in Business. You don’t have to be a member to submit an application to be included in the organization’s
business directory. The group’s Web site includes a comprehensive list of
Asian-American organizations, with links to their prospective Web sites. Get inspired by reading the success stories of Asian-American small-business owners in
Asian Enterprise Magazine.
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